Investing.com - Shares of Israeli mobile phone company Cellcom Israel (NYSE:CEL) jumped more than 11.5% in U.S. trading Wednesday on news it may be a takeover target.
- The buyer, according to Globes, an Israeli business news website, might be Golan Telecom, controlled by Elco (TASE:ELCO). Elco is interested in expanding in the Israeli mobile telephone market and Cellcom Israel is the likely target, if controlling shareholder Eduardo Elsztain decides to sell.
- Golan, under a former owner, tried to buy Cellcom Israel before, but was blocked by the Israel Competition Authority
- Cellcom Israel shares have struggled and are down more than 50% this year.